Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Articles Highlights TMI Notes SMS News Newsletters Calendar Imp. Links Database Experts Contact us More....
Extracts
Home List
← Previous Next →

DRAFT – COMPANIES (REGISTERED VALUERS AND VALUATION) RULES, 2017

Corporate Laws / Banking / SEBI - By: - Mr. M. GOVINDARAJAN - Dated:- 2-6-2017 - Valuation by registered valuers Section 247 of the Companies Act, 2013( Act for short) provides for the valuation by registered valuers. Section 247 (1) provides that where a valuation is required to be made in respect of any- property; stocks; shares; debentures; securities; or goodwill or any other assets; or net worth of a company; or the liabilities under the provisions of this act, it shall be valued by a perso .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

al resolution, whether or not those persons include the persons, referred to in clause (a) or clause (b, either for cash or for a consideration other than cash, if the price of such shares is determined by the valuation report of a registered valuer subject to such conditions as may be prescribed; Section 192(2) - Valuation of Assets Involved in Arrangement of Non cash transactions involving Directors - The notice for approval of the resolution by the company or holding company in general meetin .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

tion (1), a notice of such meeting shall be sent to all the creditors or class of creditors and to all the members or class of members and the debenture-holders of the company, individually at the address registered with the company which shall be accompanied by a statement disclosing the details of the compromise or arrangement, a copy of the valuation report, if any, and explaining their effect on creditors, key managerial personnel, promoters and non-promoter members, and the debenture-holder .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

f any; Section 232(3(h) - The Valuation report to be made by the tribunal for exit opportunity to the shareholders of transferor Company -Under the scheme of Compromise/Arrangement in case the Transferor company is Listed Company and the Transferee-company is an unlisted Company; Section 236(2) - Purchase of minority shareholding - The acquirer, person or group of persons under sub-section (1) shall offer to the minority shareholders of the company for buying the equity shares held by such share .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

submission of report by liquidator; Rules For the purposes of carrying out the provisions of section 247 of the Act, the Government floated draft rules, viz., the Companies (Registered Valuers and Valuation) Rules, 2017 ( Rules for short) for the comments of the stakeholders. The Rules is having 5 chapters, 20 rules and 3 schedules. The rules prescribe- eligibility, qualifications and registration of valuers; recognition of valuation professional organizations; valuation standards; disciplinary .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

lvency and Bankruptcy Board of India established under the Insolvency and Bankruptcy Code, 2016. Appointment of registered valuer Section 247(1) provides that the registered valuer shall be appointed by the Audit Committee or in its absence by the Board of Directors of that company. Eligibility Any individual shall be eligible to be a registered valuer if he has passed the valuation examination in the three years preceding the date of making an application. If an individual has completed 50 year .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

nd; he is an undischarged bankrupt, or has applied to be adjudicated as an bankrupt; he is a person of nonresident in India; he has been convicted by any competent court for an offence punishable with imprisonment for a term exceeding 6 months or for an offence involving moral turpitude, and a period of five years has not elapsed from the date of expiry of the sentence. he has been convicted of any offence and sentenced in respect thereof to imprisonment for a period of seven years or more; he i .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

elapsed from the date of expiry of the sentence. has been convicted of any offence and sentenced in respect thereof to imprisonment for a period of seven years or more; is not a valuer member, holding certificate of practice, of a valuation professional organization; or is not a fit and proper person; it is undergoing an insolvency resolution or bankruptcy process or is an undischarged insolvent; any of its partners have incurred the following disqualifications- if the applicant is a minor; he .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

a period of seven years or more; he is not a valuer member, holding certificate of practice, of a valuation professional organization; or he isnot a fit and proper person. if majority of its partners practicing in India are not registered valuers; or if none of its partners is a registered valuer for the class of assets, for the valuation of which it seeks to be a registered valuer. Fit and proper person The explanation to Rule 5(1) provides that for determining whether an individual is a fit an .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

what is new what is new
  ↓     Latest Happenings     ↓  

News: RBI Reference Rate for US $

Forum: Duty Drawback & Input Credit - under GST

Highlight: Addition u/s 23(1)(a) - deemed rent - once the property is let out and at any point of time this remained vacant during the same cannot be brought to tax under the head House properties income.

News: Haryana constitutes screening committee on anti-profiteering

Highlight: Valuation of imported goods - it is necessary to re-examine the matter of both license agreement as well as supply contract simultaneously, to see if the enhanced royalty was in the guise of adjustment of the price of components.

Forum: Input tax credit

Notification: Levy of anti dumping duty on New/unused pneumatic radial tyres with or without tubes and/or flap of rubber (including tubeless tyres) having normal rim dia code above 16 originating in, or exported from China PR

Highlight: Cenvat credit availed on Club Membership for the Director is not admissible as it cannot be said to be remotely connected with the activity of manufacture

Circular: Amendments in Hand Book of Procedures 2015-20 –reg.

Forum: Excise duty credit on finished stock at additional place of business.

Forum: Manpower Service provider

News: Jaitley asks biz not to wait till last day to file GST returns

Circular: Implementing Electronic Sealing for containers by exporters under self-sealing procedure prescribed by Circular 26/2017-Cus dated 1st July, 2017 and Circular 36/2017 dated 28 th August, 2017. — reg.

Article: 20 Things You must know about E Way Bills in GST Law

Article: ‘DUTY DRAWBACK’ CANNOT BE EQUATED WITH ‘REBATE OF DUTY’

Highlight: Notification regarding GST rate for branded cereal, pulses and flour

News: Notification regarding GST rate for branded cereal, pulses and flour

Highlight: Anti-dumping duty on import of bus/truck tyres from China

Highlight: Cabinet approves Extension of time period of the Scheme "Special Industry Initiative for J&K" (Sll J&K) - Udaan

Highlight: Non-payment of service tax - maintenance and repair charges - appellants had knowingly and deliberately shown the repair charges as job work charges to mislead about their taxability - demand confirmed.

Highlight: BAS - execution of the project of smart card for vehicle registration – implementing the SOC-VRC project - The fact that the Government has outsourced some part of the work and paid certain consideration for such outsourced work, does not make the activity subject to service tax.

News: Cabinet approves Extension of time period of the Scheme "Special Industry Initiative for J&K" (Sll J&K) - Udaan

Highlight: Constitution of National Anti-profiteering Authority (NAA) under GST-reg. - Trade Notice

Highlight: Amendments in Hand Book of Procedures 2015-20 –reg. - Various amendments are made in Chapter-4 of Hand Book of Procedures 2015-2020.

Circular: Constitution of National Anti-profiteering Authority (NAA) under GST-reg.

Highlight: Sharing of expenses - BAS - promotion of business of group companies - sharing of expenditure for common facilities cannot be treated as service by one to another in such arrangement.

News: RBI Reference Rate for US $

Article: Credit of unsold stock [Section 140(3)] - Actual Credit as well as Notional Credit - Part-I - GST Transitional provisions

Circular: Certain Clarifications sought on Construction Services provided in the Real Estate Sector – reg.

News: Anti-dumping duty on import of bus/truck tyres from China

News: Fast-track GST refund, else ₹ 65K cr may be stuck: Exporters

Highlight: It is open to the Settlement Commission to use best judgment in arrival of the figure. Nonetheless it has to explain the manner in which the best judgment figure has been arrived at by the Settlement Commission - HC

Highlight: Deemed dividend u/s 2(22)(e) - advances given to societies - in the absence of legal right of the assessee in the said society the amount advanced cannot be treated as deemed income.

Highlight: When electrical installations are treated as plant and machinery the depreciation has to be allowed @ 25% as per provisions contained u/s 32

TMI Note: Capital Gain - transfer of right in the land or transfer of land itself - addition u/s 50C - Harassment to the honest tax payers

Highlight: Option to avail composition scheme under GST by electronically filing an intimation in FORM GST CMP-02 and FORM GST ITC-03 upto 30-9-2017 - See Rule 3(3A)

TMI Note: Does ICDS apply for the purposes of computing exemption u/s 11 to 13.

Highlight: Voluntary Reporting of Estimated Current Income and Advance Tax Liability - CBDT issues draft notification

TMI Note: Certain ICDS provisions are inconsistent with judicial precedents. Whether these judicial precedents would prevail over ICDS.

Highlight: Provisions of ICDS shall prevail w.e.f. AY 2017-18 to the transactional issues dealt therein over earlier judicial pronouncements.

News: Voluntary Reporting of Estimated Current Income and Advance Tax Liability

TMI Note: In case of conflict between ICDS and other specific provisions of the Income-tax rules, 1962 governing taxation of income like rules 9A, 9B etc. of the Rules, which provisions shall prevail.

TMI Note: Does ICDS apply to computation of Minimum Alternate Tax (MAT) u/s 115JB of the Act or Alternate Minimum Tax (AMT) u/s 115JC of the Act.

TMI Note: Where a term has not been defined under ICDS, nor under the Act, but has different interpretations given to it by the courts in tax cases, and in ICAI Accounting Standards, which interpretation would prevail while interpreting ICDS.

TMI Note: Whether the provisions of ICDS apply to a non-resident who claims the benefit of a double taxation avoidance agreement (DTAA).

TMI Note: In case any of the ICDS provisions is contrary to a circular or press release issued by the CBDT, which would prevail over the other.

TMI Note: ICDS-I requires disclosure of significant accounting policies and other ICDS requires specific disclosures. Where is the taxpayer required to make such disclosures specified in ICDS.

Notification: Income Computation and Disclosure Standards (ICDS) - New ICDS to be effective from AY 2017-18

News: RBI Reference Rate for US $

Highlight: GST - Detention of goods under transport - discrepancy in documents - the statutory provisions provide a mechanism for adjudication following detention of goods including for the provisional release thereof pending adjudication - HC



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version